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October 29, 2008

Higher Conforming Loans Wind Down

Remember the economic stimulus act from earlier this year? Part of the deal was a temporary increase on the loan limit for mortgages backed by Fannie Mae and Freddie Mac, to a maximum of $729,750. It’s important to note that that limit will not apply after the end of the year.

I hear that lenders will be shutting down the pipeline for these loan amounts in late November/early December. So there are actually only six or seven weeks left to take advantage of the higher conforming loan limits. So if you have any real estate financing to complete that involves a loan of $729,750 or less, it’s time to push things through as soon as possible.

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